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Form 8889 for Maryland: What You Should Know
Do I have to deposit HSA money in a Savings Account before making withdrawals from it? A. Now because you are allowed to withdraw the HSA money for any reason. You may be able to transfer the money to a non-HSA defined benefit plan (DBP). In that event, you may need that DBP to meet the required HSA contributions and the non-HSA DBP may require an HSA contribution. If you do decide to deposit your money into a Savings Account before you contribute it, you can put a line item on your Form 6251 or Form 6251-EZ to show that it is your HSA funds and not your usual savings account money. Keep in mind that you will have to pay the money to the IRS on your tax return for the taxes you've paid into the Savings Account. You should take care not to make excessive payments in order to lower your tax bill. It is also important to do your own research on the IRS website and not just relying on the one from the AARP. Q. Where can I find out more about the HSA? A. For people 55 or older, the HSA provides tax benefits that are equivalent to Social Security and Medicare over an individual's lifetimes. HSA accounts were created in 1986, during the Carter Administration, to provide tax relief to qualified lower-income individuals. The new accounts may offer tax advantages over traditional retirement account plans. For more information about the HSA, contact the IRS at. Q. Where can I view the instructions on how to complete the Form 8889? A. IRS Form 8889, and Form 8853, Archer MSA's and Long-Term Care Insurance Q. What is a Long-term care insurance policy or a Median life policy? A. A Long-Term Care Insurance Policy (LT CIP) or Median Life Policy (LPP), is an individual health care trust account that provides income based on an individual's medical needs. An LT CIP or LPP may be used in conjunction with a medical savings account (MSA) or health reimbursement account (HRA). An MSA or HRA is an IRA or Roth IRA for an individual that is created for a qualified medical expense.
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